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Melrose home sales increase in August

Posted by Matt Byrne  September 27, 2011 10:04 AM

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Home sales in Melrose jumped 45 percent in August, new data shows, compared to the same period last year.

A total of 29 homes were sold in the month, according to the Warren Group, which tracks housing data throughout the state.

That figure is up from 20 homes sold last year, which was the slowest August for home sales statewide in two decades, after the end of a popular federal tax-credit for first time home buyers.

The price of a home also increased more than 7.5 percent last month, or $28,400, to a median price of $399,900.

Condominium sales in the city held steady at four in the month, but the median price of a Melrose condo increased by $86,500 compared to the same period last year, the data shows, a boost of more than 50 percent.

Last August was the first time since data was first collected on sales in 1987 that the number of buyers sank below 4,000 in the month statewide.

"On the surface, the August numbers appear to be very strong," said Cory S. Hopkins, managing editor of Banker & Tradesman, in a statement. "But we're comparing sales volume to a month last year when buyers were retreating after the tax credits expired."

The Melrose figures are in line with boosted sales across Massachusetts, according to the Warren Group. This August, 4,203 homes were sold in the state, up 15 percent from the same period in 2010.

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